Forum Thread

high income, new job. Need financing

dilt 2 10 April 8, 2016 at 05:08 PM
Deal
Score
-2
3,960 Views

Thread Details

I will be up front, this is a new ID because I don't want the information shared associated with my real user name.

I am looking for a company that will loan around $35,000 that is not at an insane rate. I have a bankruptcy (about 6 years ago when I made < $50,000/year, and not as good with money). I will be starting a new job but would like this loan to aid in moving (will get reimbursed for moving expenses), down payment, etc. The mortgage company is OK with borrowing the down payment. Borrowing from family is not an option. The loan will be paid back ASAP once I start working. I graduate next month.

STATs
income >$200,000/year as a W-2 employee (offer letter)
Saving <$10,000 (not allowed to work during school per program rules)
I am approved for a mortgage but

21 Comments

1 2

Sign up for a Slickdeals account to remove this ad.

Joined Jun 2005
Let Sleeping Dogs Lie
5,842 Posts
2,384 Reputation
Pro
#2
Just don't think it is going to happen would normally say to borrow on 401K but you probably don't have one, or use credit card offers but you probably have none. 35 k is a lot of $$ for moving expenses, can't you get them to pay for some items directly or use company credit card?
Reply Helpful Comment? 0 0
#3
Troll!!!!!!!!!!!!!!!!!!!!!!!
Reply Helpful Comment? 1 0
Joined Dec 2008
L10: Grand Master
6,006 Posts
1,944 Reputation
#4
You are a terrible financial risk, who would give you money at a low/decent interest rate?
Reply Helpful Comment? 0 0
"This whole.. I have XX company so my pee pee is 2" longer talk is hilarious. Who cares what company is cheapest, best, etc. Pick the company and plan you want and keep it to yourself."
Joined Aug 2008
L99: Slicker than Ice
6,393 Posts
1,756 Reputation
#5
ask for a sign-on or relocation bonus from this job of yours, or heck just even have them find you rent housing for a few months until you can make this down-payment of yours
Reply Helpful Comment? 0 0
Joined Dec 2008
L10: Grand Master
6,006 Posts
1,944 Reputation
#6
Quote from dilt View Post :
You and your $35,000 a year are a great risk. Thanks for your worthless comment.
You asked a question in a public forum. You have a bankruptcy, how responsible are you exactly? Doesn't matter how much you make if you don't have self control/financial knowledge.
Reply Helpful Comment? 0 0
#7
personal opinion -
1. if you cannot afford down payment then you are not ready to buy home.
2. never spend (or plan to spend) money now which you are going to earn in future
3. a little respect goes long way
good luck
Reply Helpful Comment? 0 0
Joined Apr 2016
New User
2 Posts
10 Reputation
Original Poster
#8
Quote from MrMojo View Post :
personal opinion -
1. if you cannot afford down payment then you are not ready to buy home.
2. never spend (or plan to spend) money now which you are going to earn in future
3. a little respect goes long way
good luck
Thanks Mrmojo for your opinion and for reminding Tennis and myself to be respectful. I just don't like the idea of paying the inflated rent here for 6-12 months.
Reply Helpful Comment? 0 0

Sign up for a Slickdeals account to remove this ad.

#9
Quote from dilt View Post :
Thanks Mrmojo for your opinion and for reminding Tennis and myself to be respectful. I just don't like the idea of paying the inflated rent here for 6-12 months.
Then sucks for you...
Reply Helpful Comment? 0 0
#10
There's probably no way around it. If you can qualify for several CC that have 0% for first 12 months you may be able to that, but not sure how that would affect you getting the loan. Maybe discussing with your company on timeframe of reimbursement. If not suck it up and pay the interest if you really want the home now.
Reply Helpful Comment? 0 0
Joined Dec 2005
L10: Grand Master
6,348 Posts
1,085 Reputation
#11
You are pulling close to $10k/month. Why not just bank everything for 6 months? Then no loan needed.
Reply Helpful Comment? 1 0
E finita la cuccagna

Liberals want you to think like them, Conservatives just want you to think!
#12
Quote from dealgate View Post :
You are pulling close to $10k/month. Why not just bank everything for 6 months? Then no loan needed.
Right?? If you make $200,000 a year, just work a few months. That's more like $16.6k a month. Use $1k for rent, save the rest,
Reply Helpful Comment? 0 0
Joined Jun 2008
Lord Of The G-Strings
4,410 Posts
521 Reputation
#13
My company let me submit invoices for moving costs vs having to pay out of pocket - talk to them?

Also 6yrs are you able to get a conventional mortgage? or FHA? ignore people who say if you cant afford a down payment blah blah blah - some of those people can buy a house for $100k where they live, some feel like tying up cash in property, some need to make a large down payment as they cant service a larger mortgage.
Reply Helpful Comment? 0 0
#14
Quote from dilt View Post :
I will be up front, this is a new ID because I don't want the information shared associated with my real user name.

I am looking for a company that will loan around $35,000 that is not at an insane rate. I have a bankruptcy (about 6 years ago when I made < $50,000/year, and not as good with money). I will be starting a new job but would like this loan to aid in moving (will get reimbursed for moving expenses), down payment, etc. The mortgage company is OK with borrowing the down payment. Borrowing from family is not an option. The loan will be paid back ASAP once I start working. I graduate next month.

STATs
income >$200,000/year as a W-2 employee (offer letter)
Saving <$10,000 (not allowed to work during school per program rules)
I am approved for a mortgage but
I'd double check with the mortgage company. Loans for down payments (other than 401k loans or secured loans like a car loan) is not acceptable for any type of loan.

I've used an employer gift in the past for some clients. Essentially it's a bonus and is allowed as long as they've done it for other employees and is part of compensation package.

But again, double check on them being okay for the loan.
Reply Helpful Comment? 0 0
#15
Nothing about this thread makes sense. Way too many red flags to be truth. Bankruptcy before finishing college? What? Approved for a mortgage?

Making less than $50k. File bankruptcy. Get a job over $200k. Plan is to get a loan to move?
Mortgage okay with using a loan as a down payment (gtfo) -- there are plenty of restrictions to using borrowed money as a down payment. There are some borrowing instances that will indeed work but who would recommend even those?

Way too bored to actually post a real problem?

These fake posts are ruining this forum in a bad way.
Reply Helpful Comment? 0 0
Page 1 of 2
1 2
Join the Conversation
Add a Comment
 
Copyright 1999 - 2016. Slickdeals, LLC. All Rights Reserved. Copyright / Infringement Policy  •  Privacy Policy  •  Terms of Service  •  Acceptable Use Policy (Rules)  •  Interest-Based Ads
Link Copied to Clipboard